developing local counterparts
When looking at global health care, it’s important to develop international partnerships as a strategy for your business’ growth. Developing international collaborations requires a unique skill set and a deeper understanding of culture, language, and history compared to developing local counterparts. With the right partners, you can take your business to new heights, providing access to medical knowledge and technology that will transform lives. The following is a discussion of how to partner with international startups.
In order to successfully collaborate with international startups, they must be able to meet your standards for both product and culture. If you’re looking for co-creation opportunities, consider collaborating with international venture capitalists or investment groups with experience in both pharmaceuticals and biotech. As these investors serve as gate-keepers to the best medical resources around the world, they have the expertise to quickly identify top priorities with potentially life-changing implications for your company. Ideally, your partner should have strong ties to the US Food and Drug Administration (FDA), medical schools, pharmaceutical manufacturing plants, academic institutions, and the international healthcare industry. They should also have a similar vision and mission to you; if they do not have one, consider developing a strategic alliance that brings your visions and mission together.
core business philosophy
If you are unable to find potential international startups in the United States that share your core business philosophy, consider purchasing a stake in a small to mid-scale company operating in a foreign country. Partnering with a foreign company that is in the early stages of development may cost more initially, but investing in a startup that has already created a strong international presence.. Venture capitalists typically provide a more substantial equity injection than private investors. Additionally, larger companies typically prefer to work with larger companies that maintain significant exposure to their brand names and extensive distribution channels. Regardless of the cost involved, the results can be well worth it.
In order to tap into international startups, look for an accelerator program dedicated to early-stage companies. Several accelerators exist to cater to this growing segment of the market. Investors typically need to have an investment of at least $100K before being eligible to participate in the program. Accelerator programs are great because they provide seed money, which is not usually required, to trail companies without the risk of long-term commitment. A number of these programs accept primarily United States companies; however, due to regulations limiting foreign investment in the United States, there are some accelerators that accept international startups.
international startups seek to work
In addition to working with angel investors and venture capitalists, many international startups seek to work with international joint ventures (i.e. purchasing the technology of another company in order to launch their own product in the United States or Europe). This type of partnership provides substantial upside with limited risk to the new company. A number of international startups use acquisitions or strategic alliances to acquire companies with complementary technology or personnel. Some companies provide services to larger companies, such as financial analysis or human resources.
One more way to tap into the international startup market is to work with small and medium entrepreneurs within a country, as opposed to large corporations. Many international startups in emerging markets like India are run by individuals with entrepreneurial skills, who possess strong sales cycles and the drive to make high sales volumes. Small and medium entrepreneurs typically lack capital resources; however, they often have entrepreneurial skills that can translate into revenue. In fact, many international startups are actually started by a single entrepreneur with very high sales skills who has the motivation to expand into bigger markets. These entrepreneurs typically lack formal business training, but they have something else going for them: the determination to succeed.